WynnBet receives conditional approval for sports betting in Tennessee

Tennessee could be the next state to see the launch of Wynn’s sports betting app.

Wynn Resorts’ online sports betting product WynnBet has received conditional approval to offer sports betting in the state of Tennessee.

Tennessee marks the ninth state WynnBet has secured market access to. The operator is currently live in New Jersey, Colorado and Michigan. WynnBet also has access to Indiana, Nevada, Massachusetts, Ohio and Iowa, where it expects to launch sometime this year.

WynnBet has also submitted an application to offer sports betting in the state of Virginia.

WynnBet in Tennessee

The Sports Wagering Committee of the Tennessee Education Lottery Corporation’s board of directors has approved the WynnBet sportsbook product to conduct sports betting operations in the state. 

However, this is conditional on the operator meeting statutory and regulatory requirements.

Alongside the announcement that WynnBet received approval to offer sports betting in Tennessee, the operator announced that it has inked a deal with the National Basketball Association’s (NBA) Memphis Grizzlies.

According to the operator, the deal will see both entities work together to promote “high-impact” experiences for fans. WynnBet will also gain integrations across digital and broadcast programs from the Grizzlies as well as the on-demand Grind City Media.

Both entities will also create cross-promotional campaigns to leverage the digital popularity of the NBA team across social media and mobile applications.

The deal will also facilitate the creation of a WynnBet-branded lounge within the Grizzlies’ home arena and other live experiences which are set to be announced closer to the operator’s launch in Tennessee.

Sports betting in Tennessee

In late May 2019, Tennessee became the fourth state to legalise sports betting. Governor Bill Lee allowed the state’s sports betting bill to pass into law without his signature, despite being opposed to the expansion of gambling.

The Tennessee sports betting market is so far the only US state to limit sports betting to online and mobile devices.

Tennessee’s sports betting market launched on 1 November with DraftKings, FanDuel, BetMGM and Tennessee Action24/7.

WynnBet plans to raise funds via new share sale

Wynn’s entry into Tennessee comes after the operator outlined plans to raise funds via a new share sale.

Earlier this week, Wynn launched an underwritten public offering of 5.5m shares of its common stock along with an option to purchase an additional 825,000 shares.

Wynn expects to raise approximately $630.6m from the sale of its 5.5m shares, however, this could increase to $725.2m if the additional 825,000 shares are sold. 

The expected proceeds of $630.6m are based on a public offering price of $116.99 per share.

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